1029 N County Road 800 W

Hatfield, IN 47634

$175,000C

4 bd · 2.0 ba · 2,640 sqft · Built 2004 · Manufactured · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,521/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$190
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $94/mo
• Annual: $1,127/yr
• Cap rate: 6.94%
• Cash-on-cash: 2.30%
• DSCR: 1.10
• 1% rule: 0.87%
• Cash to close: $49,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (13.1% below list).
• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (13.1% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($1k loan paydown + $4k appreciation (2.3% local appreciation)).
• Location reads 63/100 on livability (#438 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, amenities F, commute F.
• South Spencer County School Corporation (rural): math 46% / reading 54% proficiency, ranked #58 of 301 in IN (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Luce Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 189 students, 38% FRL); South Spencer Middle School (math 39% / reading 52%, grade D+, #79 of 330 statewide, top 24%, 228 students, 56% FRL); South Spencer High School (math 47% / reading 67%, grade C, #64 of 369 statewide, top 18%, 357 students, 44% FRL).
• Market conditions: 40 active listings in the ZIP; 78 units permitted in Spencer County in 2024 (0 in 5+ unit buildings).
• Spencer County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.3% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.